Journal & Ledger for Petty Cash Book

Q.

When cash is given to petty cashier, which of the following is correct?

1. Cash Account debit

2. Petty Cash Account debit

3. Petty cash account credit

4. None of these

Q.

From the following particulars what shall be balance c/d of the Petty Cash Book under Imprest System:
Petty cash balance Rs 2000
May 2 Cheque received for Rs. 7000.
May 3 Postage paid Rs. 50.
May 6 Paid taxi hire of travelling salesman Rs. 100.
May 19 Stationary purchased Rs. 120.
May 31 Settled the balance due to Smith Rs.8000 by cheque.

1. Rs 2000

2. Rs 730

3. Rs 1730

4. Rs 8730

Q.

David wants to replenish the Rs150 petty cash fund. He has receipts for the following total payments: supplies, Rs36; and postage (Office Expense), Rs27. A cash count shows Rs87 in the petty cash box. What is the correct journal entry to record the transaction?

1. Debit Cash Rs63 and credit Miscellaneous Expense Rs63

2. Debit Miscellaneous Expense Rs63 and credit PettyCash Rs63

3. Debit Office Expense Rs27, debit Supplies Rs36 and credit Petty Cash Rs63

4. None of these

Q.

Which account is credited to record the issue of petty cash fund ?

1. Cash account

2. Bank account

3. Petty cash account

4. None

Q.

Which account is debited to record the issue of petty cash fund ?

1. Cash account

2. Petty cash account

3. Bank account

4. None

Q.

The company replenished the petty cash fund via a cheque of Rs 730. In the journal entry, which account is credited?

1. Cash account

2. Petty cash account

3. Bank account

4. None

Q.

Which of the following journal entries records petty cash expenses?

1. Credit petty cash, debit cash

2. Debit petty cash, credit expense accounts

3. Credit petty cash, debit expense accounts

4. None

Q.

Claire wants to establish a Rs250 petty cash fund for her business. She requested a cheque for Rs250. What is the correct journal entry to record the transaction?

1. Debit Petty Cash Rs250 and credit Cash Rs250

2. Debit Petty Cash Rs250 and credit Bank Rs250

3. Debit Cash Rs250 and credit Petty Cash Rs250

4. Debit Petty Cash Rs250 and credit Miscellaneous Expense Rs250

Q.

When replenishing the petty cash fund, which of the following are true:

1. Cash is debited

2. Petty cash is debited

3. Petty cash is credited

4. Expenses from petty cash vouchers are debited

Q.

The Chief Cashier advances a sum of money to the Petty Cashier to enable him to meet petty expenses for a fixed period. Which of the following is correct?

1. Credit cash account

2. Either A or B

3. None of the above

4. Debit cash account